Reference no: EM132867238
Problem 1: ABC Co. acquired land, buildings, and equipment from XYZ Co. at a lump-sum price of P1,800,000. ABC Co. paid P120,000 for the appraisal of the assets, which revealed these values: Land:P1,200,000 Buildings: P800,000 Equipment:P400,000 What cost should be assigned to the land?
A. P640,000
B. P900,000
C. DP960,000
D. P1,200,000
N. None of the above
Problem 2: On December 31, 2020, ABC Co. purchased a machine under a deferred payment contract where it is required to make 8 annual payments of P140,000 beginning December 31, 2021. IF interest rate is 8%, the purchase price of the machine must be closest to
A. P1,389,190
B. P1,120,000
C. P868,900
D. P804,530
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